Agenus (NASDAQ:AGEN) stock is falling hard on Thursday after the clinical-stage biotechnology company provided results from a Phase 2 clinical trial of botensilimab and balstilimab as a colorectal cancer treatment.
Specfically, the company met with the Food and Drug Administration (FDA) to conduct an end-of-Phase 2 meeting. During that meeting, the FDA discouraged the company from seeking Accelerated Approval for the treatment.
The FDA’s advice was due to the objective response rates from the study not necessarily translating to survival benefit. This slows down the development and review of the colorectal cancer treatment candidate.
Agenus Chief Medical Officer Dr. Steven O’Day said the following about the results.
“Based on the high level of enthusiasm from significant numbers of global clinical experts and the promising clinical activity we have seen in the Phase 1 and 2 studies, our commitment to seek all possible pathways to make BOT/BAL available to patients is unwavering. This includes exploring opportunities to partner in the U.S. to accomplish a successful Phase 3 trial.”
AGEN Stock Movement Today
Investors are sinking AGEN stock today alongside the recommendation against Accelerated Approval. That brings with it heavy trading as some 5.2 million shares change hands. This is well above its daily average trading volume of about 763,000 shares.
AGEN stock is down 54.5% as of Thursday morning.
Investors will want to keep reading for more of the most recent stock market news!
We have all of the hottest stock market stories traders need to know about on Thursday! A few examples include what’s happening with shares of Lilium (NASDAQ:LILM), Wayfair (NASDAQ:W) and Palantir (NASDAQ:PLTR) stock today. All of that info is good to go at the links below!
More Stock Market News for Thursday
- LILM Stock Pops as Lilium Bags eVTOL Jet Order
- Dear Wayfair Stock Fans, Mark Your Calendars for July 26
- The $50 Bull Case for Palantir (PLTR) Stock: What to Know
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
